JPMorgan’s Staley Quits to Join BlueMountain Hedge Fund
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James E. Staley, the JPMorgan Chase & Co. executive once seen as a candidate to become chief executive officer, quit to join BlueMountain Capital Management LLC, the $12 billion hedge fund that profited from the bank’s trading loss last year.
Staley, who was at JPMorgan for more than 34 years, will become a managing partner and purchase a stake in BlueMountain, the New York-based firm said today. The former investment banking chief, Staley last year handed off day-to-day management duties and became chairman of the corporate and investment bank in a series of executive changes as JPMorgan grappled with wrong-way bets in its chief investment office in London.